Assume the price of large gulf shrimp is dollar 18 per, Ask an Expert

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Assume the price of large gulf shrimp is dollar 18 per pound and that the price of hard shell Maine lobster tails is dollar 36 per pound. Your professor uses 1/2 pound of lobster or 1/2 pound of shrimp with various pasta dishes. In a typical month he cooks 4 shrimp/pasta dinners and 1 lobster pasta dinner. Is his marginal utility of a lobster based dinner equal to the marginal utility of a shrimp dinner for him? If so, explain. If not, what is the approximate difference in MU of shrimp vs. lobster?

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Business Economics, Economics

Category:- Business Economics
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